JACKSONVILLE, Fla. — The boards of Duval Federal Credit Union and 121 Financial Credit Union have agreed to merge late this year, subject to approval by their memberships and regulators, the FCUs jointly announced.
Duval will be merged under the 121 brand and will add four branches, 6,300 members and about $51 million in assets to 121 Financial. 121 Financial has about $448 million in assets, 39,100 members and eight branch locations.
The combined CU will have about 160 employees, none of whom will be laid off as a result of the merger.
The Duval-121 Financial announcement comes on the heels of news Tuesday that members of the State Employees Credit Union voted in favor of merging into First Florida Credit Union, creating a CU with more than $725 in assets and 60,000 members. Both are based in Jacksonville.
"Combining the assets of Duval Federal and 121 Financial provides a more powerful financial resource for members of both credit unions," Duval acting chief executive Phillip Springer said in a statement.
"From our prospective, it is just a logical fit to merge the two credit unions who have similar goals, similar cultures and solid long-term reputations for taking care of members on a personal level," 121 Financial chief executive William Braddock said in the statement.
Duval was chartered in 1935 as the CU for Jacksonville city employees. It began with 45 members and $225 in assets.
The CU built its operations over the years by adding other select employer groups, including University of Florida Health Systems, and expanded membership to anyone residing or working in Duval County.
121 Financial also started in 1935 under the name of Florida Telco, serving the telecommunications industry in Northeast Florida. In 1990, it expanded its membership to anyone living or working in the 11 First Coast counties.
